Mindtree board defers decision on share buyback plan amid L&T takeover bid

L&T on Monday mounted a hostile takeover bid for Mindtree, with a multipronged strategy to buy 67% controlling stake in the firm

Bengaluru-headquartered information technology (IT) firm Mindtree’s board on Wednesday was unable to take a decision on its proposed buyback plan to stave off a takeover bid by Larsen & Toubro (L&T). The decision might be taken at a later meeting.

“The board considered the proposed buyback of equity shares on Wednesday. Following detailed discussions, the meeting has been adjourned to a future date,” the company said in an exchange filing.

“No decision has been taken in relation to the proposed buyback of equity shares,” it added.

Mindtree Chief Executive Officer Rostow Ravanan on Tuesday had said the open offer was